NEW YORK, Feb. 13, 2024 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, today announced the appointments of Jenny Osterhout as the company's Chief Financial Officer (CFO) and Micah Conrad as the company's Chief Operating Officer (COO), both effective March 31, 2024. Osterhout currently serves as the company's Chief Strategy Officer, and Conrad currently is the company's CFO. "Micah built a world class funding program and led discipl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36129 (OneMain Holdings, Inc.) 001-06155 (OneMain Finance Corporation) ONEMAIN HOLDINGS, INC. ONEMAIN FINANCE CORPORATION (Exact name ...

Financial Data and Key Metrics Changes - In Q4 2023, net income was $165 million or $1.38 per diluted share, down 4% from $1.44 per diluted share in Q4 2022 [60] - Full-year 2023 net income was $641 million, with capital generation of $794 million [60] - Capital generation return on receivables was just below 4% [60] - Interest income for Q4 was $1.2 billion, up 6% year-over-year, driven by higher average receivables [62] - The average APR on loan originations increased to around 27% compared to 26% a year ago [61] Business Line Data and Key Metrics Changes - The auto finance business grew more than $350 million in 2023, reaching almost $750 million in receivables at year-end [50][57] - The credit card business grew to $330 million in receivables with 430,000 customers [50] - Fourth quarter originations totaled $3 billion, down 13% year-over-year due to tightened underwriting [52][61] Market Data and Key Metrics Changes - The delinquency rate for loans originated in the second half of 2023 is expected to be about 1%, while the overall portfolio has a delinquency rate closer to 4% [2] - The 30 to 89 delinquency rate at December 31 was 3.28%, with 90-plus delinquency at 2.88% [67] - The back book still represented 57% of delinquent receivables at year-end [68] Company Strategy and Development Direction - The company is focused on maintaining a conservative credit posture and has tightened its credit box throughout 2023 [46][61] - The acquisition of Foursight is expected to enhance access to franchise auto dealers and drive profitable growth in the auto finance business [50][57] - The company aims to invest in high-quality loans and new products while maintaining a strong dividend policy [58] Management's Comments on Operating Environment and Future Outlook - Management anticipates peak losses in 2024, with a range of 7.7% to 8.3% for full-year consolidated net charge-offs [3][79] - The company is confident in the performance of newer vintages and expects losses to peak as the back book runs down [70] - Management acknowledges the macroeconomic uncertainty but believes the company is well-positioned for growth once conditions stabilize [82] Other Important Information - The company generated nearly $800 million in capital in 2023, reflecting a strong business model [49] - Operating expenses for Q4 were $382 million, up 4% year-over-year, with an OpEx ratio of 6.8% [71] - The company ended the year with $1 billion in cash, providing significant funding flexibility for 2024 [74] Q&A Session Summary Question: Can you elaborate on the portfolio growth dynamics and how they affect delinquencies and losses in 2024? - Management discussed the impact of the pace of originations and the mix shift between front and back book on delinquencies and losses [86] Question: What is the confidence level and timeframe for returning to the target underwriting loss range of 6% to 7%? - Management indicated that achieving the 6% to 7% range is likely a 2025 event, depending on the performance of the back book [96] Question: Why is the allowance ratio stable despite an improving credit profile? - Management explained that the CECL model incorporates various assumptions, and the majority of first-half losses are expected from the underperforming back book [104] Question: How does the competitive environment look currently? - Management noted that the competitive environment has normalized, with a healthy respect for competition while maintaining a strong position in the market [108]

OneMain Holdings (OMF) reported $917 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 2.9%. EPS of $1.39 for the same period compares to $1.56 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $913.9 million, representing a surprise of +0.34%. The company delivered an EPS surprise of +2.96%, with the consensus EPS estimate being $1.35.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wal ...

4Q 2023 Diluted EPS of $1.38 4Q 2023 C&I adjusted diluted EPS of $1.39 4Q 2023 Managed receivables of $22.2 billion Declared quarterly dividend of $1.00 per share Repurchased 531 thousand shares for $20 million in 4Q NEW YORK, Feb. 7, 2024 /PRNewswire/ -- OneMain Holdings, Inc. (NYSE: OMF), the leader in offering nonprime consumers responsible access to credit, today reported pretax income of $220 million and net income of $165 million for the fourth quarter of 2023, compared to $233 million and $176 mi ...

OneMain Holdings (OMF) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 7, 2024, might help the stock move higher if these key numbers are better ...

Wall Street watches a company's quarterly report closely to understand as much as possible about its recent performance and what to expect going forward. Of course, one figure often stands out among the rest: earnings.We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.The ability to identify ...

Quite a few consumer lending stocks have continued to bounce back among the broader financial sector with names like LendingTree (TREE) , Ally Financial (ALLY) , Synchrony Financial (SYF) , and OneMain Holdings (OMF)  starting to simmer.Soaring near the $50-a-share range, OneMain’s stock has certainly stood out with LendingTree, Ally, and Synchrony shares still under $40 despite their recent rallies. With that being said, let’s see if now is a good time to buy OneMain’s stock for the possibility of higher h ...

Financial Data and Key Metrics Changes - The third quarter net income was $194 million or $1.61 per diluted share, up 8% from $1.49 per diluted share in the third quarter of 2022 [19] - Capital generation was $232 million for the quarter, down from $280 million a year ago, reflecting impacts from the current macro environment [19] - Managed receivables finished the third quarter just shy of $22 billion, up $1.5 billion or 7% year-over-year [19] Business Line Data and Key Metrics Changes - Receivables from distribution channels totaled more than $650 million, with plans to continue building the auto purchase lending program in a disciplined manner [8] - The front book accounted for 59% of the total portfolio at the end of the third quarter, up from 50% a quarter ago, and is expected to represent approximately 65% of the portfolio by year-end [12] - Other revenue was $182 million, up $17 million or 10% from the prior year quarter, primarily driven by excess cash balances and higher yields [11] Market Data and Key Metrics Changes - The 30 to 89 delinquency rate finished the quarter at 2.98%, up 22 basis points from the second quarter, in line with normal seasonal trends [44] - Loan net charge-offs for the quarter were 6.7%, down from 7.6% in the second quarter, and in line with expectations [15][51] - The company expects full-year receivables growth of around 7%, driven by strong demand and contributions from new products and channels [10] Company Strategy and Development Direction - The company is focused on executing business with appropriate credit tightening actions while building for the future with credit cards, secured distribution channels, and digital capabilities [25] - The BrightWay card is designed to reward customers for positive credit behavior, with a graduation program for customers who maintain on-time payments [46] - The company continues to invest in technology and data science to drive growth in new products and channels [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's competitive positioning and ability to serve more customers with more products over time [25] - The company is navigating a challenging macroeconomic environment but remains focused on generating higher-quality loan business [10] - Management noted that the front book is performing in line with pre-pandemic benchmarks, while the back book continues to drive delinquency [58] Other Important Information - The company issued the largest ABS transaction in its history, raising nearly $3.5 billion in funding so far in 2023 [6] - The operating expense ratio was 6.8% in the third quarter, with expectations for the full year to be approximately 7.0% [22] - The company has a strong liquidity position supported by $7.4 billion of undrawn and committed bank facilities [23] Q&A Session Summary Question: What is the outlook for origination growth? - Management noted that demand for loan products remains strong, with originations totaling $3.3 billion, ahead of expectations despite credit tightening [14] Question: What are the expectations for net charge-offs? - Management expects full-year 2023 net charge-offs to be approximately 7.4%, with delinquency levels tracking in line with normal seasonal patterns [51] Question: How is the company managing its credit risk? - The company has implemented tighter underwriting standards since August 2022, focusing on high-quality loans and maintaining a cautious approach to credit [62] Question: What is the competitive environment like? - Management indicated that the competitive environment remains constructive, with the company able to book lower-risk customers at higher prices [87] Question: How is the company addressing the back book's performance? - Management acknowledged that the back book has higher delinquency due to seasoning, but expects improvements as the front book grows [81]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36129 (OneMain Holdings, Inc.) 001-06155 (OneMain Finance Corporation) ONEMAIN HOLDINGS, INC. ONEMAIN FINANCE CORPORATION (E ...